In an interview published on Tuesday, Finance Minister Karin Keller-Sutter stated that the Swiss government is not influenced by the intense lobbying efforts of UBS as it develops new regulations for the financial sector. The government is considering revamping regulations following the 2023 collapse of Credit Suisse, possibly implementing new capital requirements for the country's major banks.
Despite UBS, which acquired Credit Suisse, advocating for lower capital requirements to avoid additional costs for businesses and households, Keller-Sutter emphasized that the government's priority is protecting taxpayers from the aftermath of a major bank failure. She acknowledged the "quite intense" lobbying from UBS, noting its visible and clear resonance in various circles.
Keller-Sutter underlined the government's commitment to ensuring that a systemically important UBS is manageable in times of crisis through separating vital bank components within Switzerland. She clarified that interactions with UBS's management have been ongoing, countering Swiss media suggestions that she had not engaged with them.
During a parliamentary session on Tuesday, Keller-Sutter reaffirmed the government's objective to toughen capital regulations for large banks.